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FINANCIAL CHRONICLE™ » CORPORATE CHRONICLE™ » SEC to grant moratorium for stock market investors

SEC to grant moratorium for stock market investors

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Quibit


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics

SEC to grant moratorium for stock market investors

April, 1, 2020


SEC to grant moratorium for stock market investors CSE-2018.01.09
The Securities and Exchange Commission of Sri Lanka taking into consideration the impact caused to investors as a result of the drop in valuations of listed securities on or about 11th March 2020 has decided to grant a moratorium to the clients of all licensed Stock Brokers and registered Margin Providers from the payment of interest on credit extended to them, which are due during the period commencing 11th March 2020.
In a directive to the Colombo Stock Exchange and all stock brokers, SEC's Director General Chinthaka Mendis stated that, this decision has been made upon taking into consideration the decisions taken by the Central Bank of Sri Lanka to set up a Re-financing Facility to implement the decisions taken by the Cabinet of Ministers on 20th March 2020 to introduce a wide range of fiscal and financial concessions to those who have been adversely affected due to the unprecedented situation presently prevailing in the country.
“Therefore, all licensed Stock Brokers are hereby directed to pass on the benefit they will derive from the decisions announced by the Central Bank of Sri Lanka to their clients and are directed to refrain from charging and recovering interest on credit extended to their clients until 30th June 2020,” Mendis said.
“This will be a temporary measure and the Securities and Exchange Commission of Sri Lanka shall monitor and review the impact of this directive from time to time and shall reserve its right to amend, vary or repeal this directive anytime before or after 30th June 2020 if deemed appropriate,” he added.
This directive shall be effective from the date hereof until 30th June 2020.

NANDANA2012


Manager - Equity Analytics
Manager - Equity Analytics

Finally some good action from CSE. But how will this facility operate yet to know. I guess people with margins will get interest free till 30th June. But is that only for the levels of margins which were there as at march 10th ? or also any future margins obtained ? Not clear...

Quibit


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics

SEC also should also compensate investors for the Foreign Currency fluctuation losses incurred during the period market is closed.

niru


Manager - Equity Analytics
Manager - Equity Analytics

Did anyone get this benefit from your broker or margin provider?

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